PPG Industries (NYSE:PPG) Posts Earnings Results, Misses Expectations By $0.02 EPS

PPG Industries (NYSE:PPG) released its earnings results on Wednesday. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.15 by ($0.02), Briefing.com reports. The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Stock Performance

NYSE PPG opened at $130.36 on Thursday. The firm has a market capitalization of $30.57 billion, a P/E ratio of 22.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The firm’s fifty day moving average price is $126.73 and its two-hundred day moving average price is $129.26. PPG Industries has a 1 year low of $118.07 and a 1 year high of $151.16.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PPG. Bank of America reduced their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Barclays cut their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. KeyCorp decreased their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. BMO Capital Markets dropped their target price on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their price target on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a report on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $151.08.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.